This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. 2101 Dexter 2101 DEXTER AVENUE N | SEATTLE, WA FOR SALE PREMIER Queen Anne location with a very walkable Walk Score of 82 out of 100 – near restaurants, shops, grocers, and public transit WITHIN A FEW MILES of major employers including Amazon, Google, Facebook, The Bill & Melinda Gates Foundation, Seattle Pacific University, and the newly opened Expedia campus THE TOP FLOOR features two large 2-bedroom apartment units with decks, washer/dryer hook-ups, and views of Lake Union, providing an owner- occupant opportunity INCOME can potentially be raised approximately 24% with minimal renovation, or roughly 30% with a more thorough renovation including installation of washer/dryers, implementing a utility bill-back system, and charging for parking AMPLE PARKING with four covered spaces and 1 off-street space List Price | $2.1M KIDDER.COM DAN SWANSON 206.296.9610 [email protected]
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This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
2101 Dexter2101 DEXTER AVENUE N | SEATTLE, WA
FOR SALE
PREMIER Queen Anne location with a very walkable Walk Score of 82 out of 100 – near restaurants, shops, grocers, and public transit
WITHIN A FEW MILES of major employers including Amazon, Google, Facebook, The Bill & Melinda Gates Foundation, Seattle Pacific University, and the newly opened Expedia campus
THE TOP FLOOR features two large 2-bedroom apartment units with decks, washer/dryer hook-ups, and views of Lake Union, providing an owner-occupant opportunity
INCOME can potentially be raised approximately 24% with minimal renovation, or roughly 30% with a more thorough renovation including installation of washer/dryers, implementing a utility bill-back system, and charging for parking
AMPLE PARKING with four covered spaces and 1 off-street space
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
2101 DEXTER AVENUE N | SEATTLE, WA
FOR SALE
2101 Dexter
THE OFFERING
2101 Dexter is a five-unit apartment building located in Seattle’s prime Queen Anne neighborhood. This 1968-vintage property features exceptionally spacious apartment units, several of which offer views of Lake Union. In addition to the large apartment units, four covered parking spaces and one open parking space is provided. Given its transit served location, it may be possible to convert two of the carports to a sixth unit.* With cosmetic upgrades, implementation of a utility bill back system, and charging residents or neighbors for parking, income can potentially be increased approximately 24%. Additionally, 2101 Dexter is ideally positioned a mile from a plethora of prestigious and high-paying employers including Amazon and Google, and is within walking distance of the Lake Union waterfront. It is also within two miles of Downtown Seattle. Transit options within a quarter mile include the RapidRide E Line and multiple bus routes like the #63 bus providing constant service to Downtown. 2101 Dexter is also within a mile of the South Lake Union Streetcar. 2101 Dexter appeals to South Lake Union’s technology workers, downtown professionals, academics, and other renters who appreciate the property’s walkability and proximity to area amenities which minimizes the necessity for personally owned vehicles.
Residents of 2101 Dexter are surrounded by a multitude of amenities. Within three quarters of a mile, there are in excess of 30 restaurants, coffee shops, and bars as well as a variety of grocery options including Safeway, Trader Joe’s, and the Queen Anne Farmers Market. There is an
abundance of parks and open spaces in the immediate vicinity, such as the 10-acre Northeast Queen Anne Greenbelt and the immensely popular South Lake Union Park – both positioned within three quarters of a mile from 2101 Dexter.
Major employers near 2101 Dexter include Amazon, Google, Facebook, Expedia, and the Bill and Melinda Gates Foundation, as well as numerous other Downtown Seattle CBD employers and multiple regional hospitals.
2101 Dexter’s close proximity to Downtown Seattle allows its residents to utilize efficient and quick public transportation. One of Seattle’s fastest and easiest ways to travel is the new RapidRide Bus service. After voters approved the Transit Now Initiative in November 2006, the RapidRide Bus finally opened for service in the fall of 2011. The E Line, with a stop located 0.1 miles away from 2101 Dexter, takes residents north to Aurora Village and south to Downtown Seattle. RapidRide runs 7 days a week and offers riders unprecedented reliability, comfort, and speed. This bus system includes upgraded buses and shelters, free Wi-Fi on board, and real-time electronic bus arrival signs. The South Lake Union Streetcar, less than a mile away, brings tenants to the shops, restaurants, and employers that dot the corridor connecting the South Lake Union neighborhood to Downtown Seattle. Additionally, cyclists can travel to and from downtown via the dedicated bike lane that runs along Dexter Avenue N.
The five remarkably large corner units that comprise 2101 Dexter include one approximately 945-square-foot one-bedroom unit, and four two-bedroom units that range in size from
approximately 1,035 to 1,065 square feet. The property features interior corridors, secured intercom entry, a hard-wired fire alarm system, a common laundry area, and a new roof. There are also five storage lockers and five parking spaces, four of which are covered. The units boast private decks, abundant closet and storage space, dining rooms, sizeable open kitchens equipped with dishwashers and disposals, and space for stacking washer / dryers. Select units also feature dual-basin bathroom vanities and washer/dryer hookups. Additionally, units located on the third floor provide tenants with views of Capitol Hill and Lake Union, while residents on the second floor enjoy partial views.
2101 Dexter provides upside in multiple areas. With cosmetic improvements, rents can potentially be raised approximately 24%, and a new owner also has the opportunity to immediately increase cash flow by implementing a ratio utility billing system to bill back residents for water, sewer, and garbage costs. For even higher returns, there may be the potential for a sixth unit to be constructed in two of the covered parking spaces.*
2101 Dexter is an exceptionally rare opportunity, in that it offers all of the qualities that the discerning apartment investor desires: a premium Queen Anne location, easy access to the region’s best employers, substantial rental upside, and a higher than typical caliber of spaciousness and features/amenities. 2101 Dexter is an extraordinary and rare investment opportunity.
*Buyer to verify
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
FINANCIALS
UNIT MIX SUMMARY
INCOME
Current Market
Total Scheduled Rent $104,760 $120,000
Laundry $360 $600
Parking $1,200 $5,700
Utility Bill-Back $0 $5,744
Other Income $150 $400
Scheduled Potential Income $106,470 $132,444
Less Physical Vacancy (4.0%) ($4,259) ($5,298)
Effective Gross Income $102,211 $127,146
Unit Type No. of Units Avg SF Average Current Rent Average Market Rent
1 Bed / 1 Bath 1 945 $1,400 $1,650
2 Bed / 1 Bath 4 1,050 $1,833 $2,088
Total 5 5,145 $8,730 $10,000
Average 1,029 $1,746 $2,000
EXPENSES
Current Market
Real Estate Taxes $14,097 $16,011
Insurance $3,666 $3,666
Utilities $7,180 $7,180
Repairs & Maintenance $4,500 $4,500
Professional Management $0 $6,357
Capital Reserves $1,250 $1,250
Miscellaneous $500 $500
Landscaping $1,200 $1,200
Total Expenses $32,393 $40,664
Expenses Per Unit $6,479 $8,133
Expenses Per SF $6.30 $7.90
Net Operating Income $69,818 $86,482
PROPERTY OVERVIEW
Address 2101 Dexter Ave N Seattle, WA
No. of Units 5
NRSF ±5,145
Year Built 1968
Price $2,100,000
Price / Unit $420,000
Price / SF $408.16
Cap Rate 3.3%
Market Cap Rate 4.1%
GRM 19.7
Market GRM 15.9
Lot Size 5,300 SF
Zoning LR3 (M)
Parking 5 spaces
Parcel 930130-1305
FOR SALE
2101 DEXTER AVENUE N | SEATTLE, WA
2101 Dexter
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
Property Year Built Date Sold Sale Price Price / Unit Price / SF Cap Rate Units
